Need to transfer capital faster and more conveniently to prevent black credit

VCN - At the online conference to implement the Government's Decree No. 116/2018/ND-CP on credit policies for agricultural and rural development and solutions of the banking industry, contributing to limiting black credit, the representative of the State Bank (SBV) said, the banking sector has also actively coordinated with the Ministry of Public Security and related ministries and branches in preventing and repelling black credit.
need to transfer capital faster and more conveniently to prevent black credit Vietnam has resolved many issues related to transfer pricing
need to transfer capital faster and more conveniently to prevent black credit Warning the phenomenon of foreign currency and money transfer crossing border
need to transfer capital faster and more conveniently to prevent black credit Consulting on IPO and transfer of State capital in the form of book building
need to transfer capital faster and more conveniently to prevent black credit

Outstanding credit for agriculture is estimated at 1.69 million VND

For the banking sector, Mr. Nguyen Quoc Hung, Director of Credit Department (SBV) said, over time, the whole sector has drastically implemented solutions to increase access to credit for people serving production, business, service and life of people, in particular people and businesses in rural and remote areas.

Accordingly, credit for agriculture and rural areas has recently gained positive results. There are about 70 credit institutions (CIs), a network of more than 1,100 People's Credit Funds and Bank Social for Policies participating in lending for agricultural and rural development.

Loan outstanding balance at the end of November is about 1.69 million billion dong, increasing by 14.5% compared to the end of 2017 (higher than the overall credit growth of the economy) with over 14 million customers having debt; accounting for nearly 24% of total loan outstanding balance to the economy.

According to the representative of the State Bank, the Decree No. 116 was launched in parallel with the credit solutions of the banking sector, which basically met the capital demand for production and business and consumer demand of the people and enterprises, especially improving access to capital for the poor and low-income people in rural areas, contributing to limiting people to seek other informal sources.

However, over time, the development of black credit has still been complicated, especially in the southern and Central Highlands provinces, causing serious consequences, adversely affecting the economy - society. This shows the fact that people are not fully aware of the harm and are still looking for forms of loan sharking.

Speaking at the conference, representatives of the Ministry of Public Security also showed the situation, the way to identify black credit, the difficulties in managing and struggling with black credit activities that is complicated over the time and solutions to prevent this activity.

In addition, representatives of the Farmers’ Association also exchanged cooperation activities between the Association and the Banking sector in the process of lending through the Association, the propaganda for members on credit policies of the banking sector and work of warning the harmful effects of black credit on life and social order and security.

According to Pham Huyen Anh, Deputy Chief Inspector of the Banking Inspection and Supervision Agency (SBV), the banking sector has also actively coordinated with the Ministry of Public Security and related ministries and branches in preventing black credit.

Through a quick summary report of the State Bank branches in provinces, cities, under the request of the police agencies, departments, branches and local authorities, the banking sector coordinated in handling 218 related cases to black credit in 16 provinces and cities with a total amount of about 117 billion VND. In which, 72 cases were handled and 14 cases were prosecuted, 37 cases were administratively sanctioned.

Need to transfer capital quickly and smoothly

Besides, the banking sector also regularly strengthens the coordination with police agencies, departments and local authorities in propagating policies and laws on banking activities and legal regulations on prevention of crime in the field of banking and black credit to the people in the society and participating in the fight, detection, prevention and timely handling of black credit-related cases.

At the conference, commercial banks, financial companies and microfinance institutions also reported on the actual implementation of credit products as well as solutions to increase access to capital for people, enterprises, contributing to the fight against black credit.

About the form of peer-to-peer lending with black credit variables, Mr. Pham Chi Quang, deputy director of the Monetary Policy Department, said the SBV has been coordinating with relevant ministries and branches to study for having a proposal of building appropriate management measures for new forms of payment based on the general technology and P2P Lending operations in particular, in line with the Prime Minister's directions.

This is to encourage enterprises to apply innovations of technological achievements, while protecting the legitimate rights and interests of the parties, especially the legal rights of the people, ensuring financial security, security of the national currency.

According to Mr. Nguyen Xuan Thang, representative of Vietnam Farmers' Association, it is necessary for the banking sector to coordinate transferring their capital faster and more conveniently to people in need.

"People may lack information, so it is necessary to promote information on bank loans to people to get enough information so as not to seek black credit," Thang said.

In the coming time, the banking sector said it would continue to co-operate and drastically implement solutions to boost credit investment effectively to serve agricultural production and capital needs for people's life in rural areas, contributing to reducing black credit.

Specifically: Continuing to direct credit institutions to expand credit and prioritize the focus on loans for agriculture and rural areas, promptly implement solutions to solve difficulties for people in accessing bank credit capital.

Strengthening coordination with ministries and branches to continue to effectively implement specific credit programs in the agricultural sector; the SBV continued to direct the banking system to speed up administrative reforms, simplify borrowing procedures to improve access to loans for people as well as businesses in agriculture and rural areas.

need to transfer capital faster and more conveniently to prevent black credit Sprint to disburse capital from the budget

VCN - As the end of the year is near, the disbursement of investment funds from the budget ...

At the meeting, Deputy Governor Dao Minh Tu emphasized that in order to coordinate prevention and fight against black credit, in addition to coordinating solutions and policies of the banking sector, it is necessary to have a synchronous, tight and drastic solution of the political system.

By Hoai Anh/ Kieu Oanh

Related News

5 strategies for reallocating houses and land

5 strategies for reallocating houses and land

VCN - The rearrangement and disposal of public-owned houses and land have been officially regulated in Decree No. 03/2025/ND-CP (Decree No. 03), which has just been issued by the Government. According to Decree No. 03, there are five forms of rearrangement and disposal of houses and land.
Issuing government bonds has met the budget capital at reasonable costs

Issuing government bonds has met the budget capital at reasonable costs

VCN - According to the State Treasury's report, capital mobilization through the issuance of government bonds has ensured mobilization to meet the capital needs of the state budget at reasonable costs.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.

Latest News

Vietnam gears up for potential inflation impact in 2025

Vietnam gears up for potential inflation impact in 2025

VCN - For sound price management and inflation control, Deputy Prime Minister Ho Duc Phoc directed officials to vigilantly track both domestic and international market dynamics. The goal is to proactively develop flexible strategies and solutions, enabling a swift response to any emerging challenges.
VN’s credit conditions in 2025 expected to be stable

VN’s credit conditions in 2025 expected to be stable

The credit conditions for Việt Nam will stabilise in 2025, after improving substantially over the past year, the rating agency VIS is forcasts.
State revenue in first month of the year equal to 14% of the estimate

State revenue in first month of the year equal to 14% of the estimate

VCN - According to the Ministry of Finance, in January - the first month of 2025, the total state budget revenue is estimated at VND275.9 trillion, equal to 14% of the estimate; meanwhile, the total state budget expenditure is estimated at VND134.4 trillion.
Securities 2025 expects a breakthrough in scale and quality

Securities 2025 expects a breakthrough in scale and quality

VCN – The positive factors inherent in the macro economy and the Vietnamese stock market will continue to create the foundation for the market to maintain stability, good liquidity, and growth in both scale and quality in the new year of At Ty 2025, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said.

More News

Cash reserves in stock accounts at six-quarter low amid margin rise

Cash reserves in stock accounts at six-quarter low amid margin rise

These funds are readily available in investor accounts, but remained undeployed as of the year-end.
Five solutions for developing stock market in 2025

Five solutions for developing stock market in 2025

VCN - On February 5, 2025, at the Gong-beating ceremony to open the stock trading at the Ho Chi Minh City Stock Exchange (HOSE), Deputy Minister of Finance Nguyen Duc Chi introduced five solutions for comprehensive development of the stock market.
Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

VCN- On February 3, the first working day after the Tet holiday, Minister of Finance Nguyen Van Thang and the delegation visited and worked with the General Department of Vietnam Customs (GDVC).
The stock market after Tết 2025 presents both challenges and opportunities

The stock market after Tết 2025 presents both challenges and opportunities

Việt Nam’s stock market following the 2025 Lunar New Year (Tết Nguyên Đán) presents a complex landscape of risks and potential gains, driven by foreign capital inflows, economic resilience, and looming corporate bond maturity pressures, according to one securities expert.
Opportunities and challenges in Việt Nam

Opportunities and challenges in Việt Nam's crypto boom

Việt Nam boasts one of the most active investment communities in the cryptocurrency sector. However, protecting investors and promoting sustainable growth requires a robust legal framework.
Đà Nẵng aiming to become a regional financial centre before 2050

Đà Nẵng aiming to become a regional financial centre before 2050

The city is setting out goals to promote the development of the financial system in the 2021-30 period, striving for Đà Nẵng to become a regional financial centre in just 25 years.
Which investments to make in 2025?

Which investments to make in 2025?

Financial reports indicate a large amount of cash in the banking system at the end of 2024. Investors in 2025 will have plenty of choices of where to put their money, according to economists and financial analysts.
Stock market expected to rebound positively after Tết holiday: expert

Stock market expected to rebound positively after Tết holiday: expert

Currently, the VN-Index is fluctuating within a wide range of 1,200 to 1,300 points. Without a decisive breakout in either direction, this level of liquidity remains typical.
Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres

Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres

The Ministry of Planning and Investment (MPI) has proposed a controlled pilot programme for fintech activities, including digital asset and cryptocurrency trades at financial centres.
Read More

Your care

Latest Most read
Vietnam gears up for potential inflation impact in 2025

Vietnam gears up for potential inflation impact in 2025

For sound price management and inflation control, Deputy Prime Minister Ho Duc Phoc directed officials to vigilantly track both domestic and international market dynamics.
VN’s credit conditions in 2025 expected to be stable

VN’s credit conditions in 2025 expected to be stable

The credit conditions for Việt Nam will stabilise in 2025, after improving substantially over the past year, the rating agency VIS is forcasts.
State revenue in first month of the year equal to 14% of the estimate

State revenue in first month of the year equal to 14% of the estimate

VCN - According to the Ministry of Finance, in January - the first month of 2025, the total state budget revenue is estimated at VND275.9 trillion, equal to 14% of the estimate; meanwhile, the total state budget expenditure is estimated at VND134.4 trilli
Securities 2025 expects a breakthrough in scale and quality

Securities 2025 expects a breakthrough in scale and quality

VCN - The market maintained stability, good liquidity, discipline was improved, increasing transparency and sustainability.
Cash reserves in stock accounts at six-quarter low amid margin rise

Cash reserves in stock accounts at six-quarter low amid margin rise

These funds are readily available in investor accounts, but remained undeployed as of the year-end.
Mobile Version